SunEdison and Adani Enterprises Ltd, the largest port owner and operator and largest private power provider in India, have signed a memorandum of understanding to establish a joint venture to build the largest vertically integrated solar PV manufacturing facility in India with an investment of up to USD$4 billion. The facility will create enough solar panels to fuel substantial solar growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy.
"We are proud to partner with Adani Enterprises to build the largest solar PV manufacturing facility in India,” said Ahmad Chatila, President and Chief Executive Officer of SunEdison. “This facility will create ultra-low cost solar panels that will enable us to produce electricity so cost effectively it can compete head to head, unsubsidized and without incentives, with fossil fuels.”
"India has embarked on an ambitious program to become a world leader in power generation from renewable technologies, and sees solar as a key part in realizing that goal," said Vneet S Jaain, Chief Executive Officer of Adani Power Limited, a subsidiary of Adani Enterprises Ltd. "The development of the largest integrated solar manufacturing facility furthers the vision of Prime Minister Narendra Modi's 'Make in India' campaign. We are happy to partner with SunEdison, a leading solar technology manufacturer to build this facility which further integrates our power – renewable business value chain and has significant socio-economic benefits."
The new facility will be constructed in Mundra, Gujarat, India, over a three year period. This facility will vertically integrate all aspects of solar panel production on site, including polysilicon refining, and ingot, cell, and module production.
During the first half of 2015, SunEdison and Adani will complete a comprehensive analysis of the joint venture opportunity and business plan. Pending successful outcome of the study, construction of the facility will begin shortly thereafter. As the facility is built, certain portions will be completed first to allow key production lines to come online before the entire facility is finished. This allows the joint venture to ramp up production quicker, and creates more jobs sooner.